Process of Converting Purchases to EMI for LIC Credit Card
Make a purchase of a minimum of INR 2,500 on your LIC Credit Card
Convert your purchase to EMI through any of the following channels within 30 days of making the
purchase through any of the following channels:
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Call LIC Customer Service at 1800 233 1100
SMS 'EMI' to 5676782
EMIs are calculated at an interest rate of only 1.5% per month on monthly reducing balance.
Choose between tenure options of 3, 6, 9 and 12 months.
The EMIs will be charged to the Credit Card account, to make repayment convenient for you.
A one-time Processing fee of 1.5% or Rs. 150 whichever is higher will be charged to your Credit Card
account on the date of conversion.
Terms & Conditions for Converting Purchases to EMI for LIC Credit Card
The value of the credit card transaction should be INR 2,500 or more to be eligible for conversion of
transaction to EMI. Other debit transactions like cash withdrawals, Balance Transfer and card fees will
not be eligible for this facility.
Request for conversion of transaction into EMI will be processed only if the request for the same is
received within 20 days from the date of purchase. However in exceptional cases the Bank reserves the
right to consider request beyond that period but not later than 30 days.
The Equated Monthly Installment (EMI) amount will be billed to the credit card every month on the
same date as the first installment date.
The entire EMI amount will be included in calculation of Minimum Amount Due payable by the
cardholder.
On availing the EMI facility the reward points if any that have been accrued on the Original transaction
shall be reversed.
During the running period of EMI's the cardholder cannot close the LIC Credit Card. However if he does
so, before all installments have been posted, the outstanding EMI Principal amount will be debited to
the card account as one consolidated amount and regular interest applicable to credit card shall be
charged.
Pre-payment charges on foreclosure of the EMI facility will apply at the rate of 3% on the outstanding
principal amount of the loan.
LIC CSL and Axis Bank reserve the right to foreclose the loan and debit the entire outstanding amount to
customers credit card statement if the customer defaults on payment of two consecutive EMIs.
Any requests by add-on cardholders will be billed to the primary card.
No request for changes in the billing cycle shall be entertained during the entire loan period. The loan
period is defined as the loan tenure selected by the cardholder at the time of request.
Service Tax will be applicable on Processing Fee, Foreclosure fee and interest amount and will be billed
in the same statement in which the above charges are levied.
LIC CSL and Axis Bank reserves the right at any time without previous notice to add, alter, modify,
change or vary all or any of these Terms and Conditions or to replace, wholly or in part, this scheme by
another scheme, whether similar to this scheme or not, or to withdraw it altogether. Which if done shall
be binding on the cardholder and the cardholder shall abide by the said rules. If withdrawn, those who
have opted shall continue to get the right to pay through EMIs for the already approved conversion.
The Bank may at its sole discretion accept or reject the EMI conversion request without assigning any
reason whatsoever.
The participants will not hold LIC CSL and Axis Bank responsible for or liable for, any actions, claims,
demands, losses, damages, costs, charges, and expenses that a participant may suffer, sustain or incur
by way of this scheme.
All and any disputes arising from the EMI facility shall be subject to the exclusive jurisdiction of the
courts of Mumbai.
Jewelry/Gold transactions are not eligible for EMI conversion.